Manager Change at Fidelity Strategic Income Fund

I will be keeping a close watch onthe fund for the next year for performance changes.  However, since these were already members of the existing management team, I don’t believe there is any reason for immediate concern.   –  Reeve

Effective June 1, 2012:

Joanna Bewick, a 15-year Fidelity veteran, has been
appointed lead manager of Fidelity Strategic Income Fund (FSICX), Fidelity Strategic Dividend & Income Fund (FSDIX) and Fidelity Strategic Real Return Fund (FSRRX). Bewick had served
as a manager on these funds since 2008. Bewick joined Fidelity in 1997 as a
research analyst in Fidelity’s Fixed-Income division. In 2000, she joined
Fidelity Management Trust Company and became a senior vice president and senior
investment analyst. In 2006, Bewick left Fidelity for a short period of time to
work for JPMorgan Asset Management as a vice president and fixed-income analyst.
She returned to Fidelity in 2007, and began managing Fidelity Strategic Income
Fund, Fidelity Strategic Dividend & Income Fund and Fidelity Strategic Real
Return Fund in 2008. Prior to joining Fidelity in 1997, Bewick worked for
Federated Investors from 1990 to 1997.

 

Ford O’Neil, a 22-year Fidelity veteran, has been appointed
co-manager of Fidelity Strategic Income Fund (FSICX), Fidelity Strategic Dividend & Income Fund (FSDIX) and Fidelity Strategic Real Return Fund (FSRRX), joining lead
manager Joanna Bewick, as well as the other existing co-managers. O’Neil
succeeds Chris Sharpe, who will continue broadening his leadership role on the
portfolio management team responsible for overseeing Fidelity’s target-date
investment strategies, including the Fidelity Freedom Funds and College 529
investment portfolios. O’Neil joined Fidelity in 1990 as a fixed-income analyst
covering the electric, gas and water utilities industries, as well as Canadian
securities. He began managing portfolios for Fidelity in 1992. O’Neil assumed
responsibility for Fidelity Intermediate Bond Fund in 1998 and Fidelity Total
Bond Fund (retail and Advisor classes) and Fidelity Advisor Intermediate Bond
Fund in 2004. He managed Spartan U.S. Bond Index Fund from 2001 to 2012. Before
joining Fidelity, O’Neil worked for Advest as an associate in investment banking
from 1985 to 1988.